Division 3: Calculation of the life underwriting risk module - Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance)

The life underwriting risk module set out in Article 105(3) shall be equal to the following:

{SCR}_{life} = \sqrt{\sum_{i,j} {Corr}_{i,j} \times {SCR}_{i} \times {SCR}_{j}}

where SCR_i denotes the sub-module i and SCR_j denotes the sub-module j, and where ‘i,j’ means that the sum of the different terms should cover all possible combinations of i and j. In the calculation, SCR_i and SCR_j are replaced by the following:

SCR _mortality denotes the mortality risk sub-module,
SCR _longevity denotes the longevity risk sub-module,
SCR _disability denotes the disability – morbidity risk sub-module,
SCR _{life expense} denotes the life expense risk sub-module,
SCR _revision denotes the revision risk sub-module,
SCR _lapse denotes the lapse risk sub-module,
SCR _{life catastrophe} denotes the life catastrophe risk sub-module,

Division 3 Calculation of the life underwriting risk module